Recent Developments in the Analysis of Monetary Policy Rules

Bennett T. McCallum

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

After a brief review of key developments in the application of monetary theory to policy analysis, the author describes the central aspects of the typical framework used to analyze monetary policy rules. He reviews the methods used to study the effects of policy behavior and provides an example of how two rules (the McCallum rule and the Taylor rule) can be used to investigate recent monetary policy in Japan. His example shows why it may be important for central banks to develop monetary policy procedures based on monetary-aggregate as well as interest-rate instruments.

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References

1993Discretion versus policy rules in practice 1972Expectations and the neutrality of money 1996Staggered Prices in a Utility-Maximizing Framework 1973Some International Evidence on Output-Inflation Tradeoffs.1999Monetary Theory and Policy 1982Monopolistic Price Adjustment and Aggregate Output 1998An Historical Analysis of Monetary Policy Rules 1979Estimation and Control of a Macroeconomic Model with Rational Expectations

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